Aspen Group, Inc. · OTC:ASPU
Aspen — Q1 FY2027 Earnings Presentation
18 slides from Aspen's earnings presentation, October 2026
Slide 1: Creating Value by Transforming the College Education Experience
Creating Value by Transforming the College Education Experience Q1 FY2027 Presentation Aspen Group, Inc. (OTCQB: ASPU) October 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including our expectations that our increased marketing spend will be a factor in our expected growth and the refinancing of our debt. . The wor
Slide 3: Differentiated Low-Cost Post-Grad Education Model
Differentiated Low-Cost Post-Grad Education Model Accessible, affordable, high-quality education with differentiated payment option Nursing Education Focus Q1 FY’27 KPIs • Post-licensure nursing degrees: $10.3M 76% • RN to BSN, MSN (multiple specializations) Revenue Gross margin • MSN-Family Nurse P
Slide 4: Inflection Point: Operational Progress Improving Profitability; Pursuing Refinancing
Inflection Point: Operational Progress Improving Profitability; Pursuing Refinancing to Return to Growth 8 Quarters 7 Quarters $0.7M Consecutive Gross Margin Expansion Positive Operating Cash Flow Operating Cash Flow (Q1 FY27) Operational Progress Positioning for Future Growth • Improved margins and
Slide 5: Q1 FY2027 Financial Highlights
Q1 FY2027 Financial Highlights Driving profitability improvement while maintaining positive cash flow $10.3M 76% $0.7M Revenue Gross Margin Net Income (10%) YoY +300 bps YoY +67% YoY United States University delivers Revenue per student drives gross Improved cost structure 3% YoY revenue growth marg
Slide 6: Demand Tailwinds in Nursing Education
Demand Tailwinds in Nursing Education Affordable & accessible programs demand driven by structural nursing shortage Key Drivers of the Structural Nursing Shortage Aging Workforce & Education Healthcare Elevated Attrition Bottlenecks Demand Growth Large portion of Nursing schools turning Aging popula
Slide 7: Planned Leadership Transition Supports Continued Execution
Planned Leadership Transition Supports Continued Execution Matt LaVay Appointed CEO • Appointed CEO in March 2026; joined Board of Directors • Former CFO of AGI since 2021 with deep operational and strategic experience Michael Mathews Named Executive Chairman • Appointed Executive Chairman of AGI in
Slide 8: Q1 FY2027: Margin and Profitability Expansion
Q1 FY2027: Margin and Profitability Expansion $10.3M $7.9M $2.3M Revenue Gross Profit Adjusted EBITDA (-10% YoY) (-6% YoY) vs. $1.9M prior year Revenue Gross Profit Adjusted EBITDA USU MSN-FNP growth Gross profit driven by USU Record first quarter reflects resumption of paid revenue growth (tuition
Slide 9: Study Body Overview
Study Body Overview Marketing Spend Reduction Lowered Enrollments – Lower Education Costs Lifted Profitability & Cash Flow New Student Enrollments Active Degree-Seeking Student Body (past five quarters) (past five quarters) 700 Enrollment Decline 6000 Reversing; Resumption of 600 Paid Leads in Q1 50
Slide 10: Stabilized Platform with Clear Path to Profitable Growth
Stabilized Platform with Clear Path to Profitable Growth AGI has stabilized revenue, Refi Catalyst achieved profitability, and is • Enable increased direct marketing spend • Expected result of marketing spend + low cost of putting in place a catalyst to enrollment + existing strong organic lead flow
Slide 11: Appendix Slides: Q1 FY 2027 Financial Tables
Appendix Slides Q1 FY 2027 Financial Tables
Slide 12: Income Statement
Income Statement 12 CONFIDENTIAL
Slide 13: GAAP to Non-GAAP Reconciliations (Q1 FY2027)
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA By Subsidiary for Q1 FY2027 13 CONFIDENTIAL
Slide 14: GAAP to Non-GAAP Reconciliations (Q1 FY2026)
GAAP to Non-GAAP Reconciliations Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA By Subsidiary for Q1 FY2026 14 CONFIDENTIAL
Slide 15: Balance Sheet (Assets)
Balance Sheet (Assets) 15 CONFIDENTIAL
Slide 16: Balance Sheet (Liabilities and Stockholders' Equity)
Balance Sheet (Liabilities and Stockholders’ Equity) 16 CONFIDENTIAL
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures This slide presentation includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial posi
Slide 18: Aspen Group, Inc.
Aspen Group, Inc. Matt LaVay, CEO Investor Relations Kim Rogers, Managing Director Hayden IR [email protected]